Utz Quality Foods Inc. of Hanover, Pa., has agreed to “a business combination” with Louisiana snack food company Zappe Endeavors LLC,
the
Philadelphia Inquirer
reported.
The companies announced they had signed a letter of intent and expected to close the deal in the first quarter of the year. Terms were not disclosed, including whether one of the companies would be fully acquiring the other, according to the
Inquirer
report.
In 2009, Utz backed out of a proposed sale to Snyder’s of Hanover Inc., saying a request for information on that deal from the Federal Trade Commission would strain the company.
Zappe Endeavors was founded in 1985 by Ron Zappe, who died June 1 at age 67. Zappe “went into the snack food business after his four petroleum service companies went bankrupt during an oil price crash,” the
Inquirer
article said. (Source:
Philadelphia Inquirer,
Jan. 6, 2011.)
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